This is a power point presentations on cashless economy

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Cashless economy
By Himangi singh

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What is cashless economy
 A cashless economy is one where financial transactions are
done electronically, minimizing the use of physical currency .

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Benefits of cashless economy
Increased Transparency: Digital transactions leave a trail,
reducing corruption and tax evasion.
- Reduced Crime: Less cash circulation means less opportunity
for robbery and other cash-related crimes.
- Improved Efficiency: Digital payments are faster and more
convenient than traditional cash transactions.
 - Lower Transaction Costs: Digital transactions eliminate the
need for physical currency, reducing printing and distribution
costs.

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Challenges of a Cashless Economy
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- Limited Digital Infrastructure: Rural areas often lack reliable
internet access, making digital transactions difficult.
- Digital Illiteracy: Many individuals lack the knowledge and skills
to use digital payment systems.
 - Security Concerns: Digital transactions are vulnerable to
cyber threats and data breaches.

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India’s Progress Towards a Cashless Economy
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- Demonetization: The government’s decision to demonetize high-
value currency notes in 2016.
- Digital India Initiative: The government’s initiative to promote
digital infrastructure and digital literacy.
- UPI and Mobile Wallets: The growth of digital payment apps and
mobile wallets in India

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Case study
 In 2016, the Indian government demonetized high-value
currency notes to curb black money circulation and encourage
digital transactions. This move accelerated India’s shift towards
a cashless economy. The objective of demonetization was to
achieve transparency in the economy and reduce corruption.
During the demonetization period, there was a sudden growth in
digital payments, which facilitated the economy’s shift towards a
cashless economy.

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Objectives
.Enhance transparency: Reduce corruption and tax evasion
through digital transactions.
- Reduce black money circulation: Minimize the use of cash for illicit
activities.
- Combat corruption: Reduce bribery and other corrupt practices.
- Ensure convenient and secure transactions: Provide a safe and
efficient payment system.

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Conclusion
 A cashless economy offers numerous benefits, including
increased transparency, reduced crime, and improved efficiency.
However, challenges like limited digital infrastructure, digital
illiteracy, and security concerns need to be addressed. India has
made significant progress towards a cashless economy, but
there is still a long way to go.